Latest news with #India-EuropeanUnionFreeTradeAgreement
Time of India
12-06-2025
- Business
- Time of India
'Grow beyond frontiers…' Piyush Goyal pitches India-Sweden economic ties
The proposed India-European Union Free Trade Agreement (FTA) will be a great enabler, Union Commerce and Industry Minister Piyush Goyal has said, adding that India will be able to offer greater opportunities for Sweden. Show more Show less
India Gazette
11-06-2025
- Business
- India Gazette
India-EU FTA must address tariff, non-tariff barriers: Swedish Minister
By Shailesh Yadav Stockholm [Sweden], June 12 (ANI): A comprehensive free trade agreement between India and the European Union should tackle both tariff and non-tariff barriers to maximise benefits for both regions, Swedish Minister for International Development Cooperation and Foreign Trade Benjamin Dousa said Wednesday. Speaking to business leaders from India and Sweden, Dousa emphasised that both the EU and India are 'just a bit over-regulated' and would benefit significantly from reducing regulatory barriers alongside traditional tariffs. 'The best outcome for both the EU and India will be an FTA that goes beyond tariffs to include non-tariff barriers,' Dousa said. 'Both regions are somewhat over-regulated at present, and addressing this will enable smoother cross-border trade.'The minister highlighted the strong existing partnership between Sweden and India, noting that 75 Indian companies operate in Sweden, employing approximately 7,000 people. Major Swedish companies, including ABB, IKEA, and Ericsson, have made substantial investments in India over many years. 'Our countries are very well positioned to grow together,' Dousa said. 'We have been close partners for a very long time, and Swedish companies have invested heavily in India.' The FTA negotiations between the two sides are expected to conclude in 2025. India last month said the two sides engaged in a forward-looking and substantive dialogue to address global trade challenges and reaffirm their shared resolve to conclude the India-European Union Free Trade Agreement (FTA) by the end of 2025. Dousa expressed confidence that India could become a trusted global manufacturing hub by continuing to attract foreign direct investment. He noted that Sweden is well-positioned to help India increase manufacturing's share of its GDP, particularly as India has set ambitious goals to grow its manufacturing sector. The minister pointed to India's status as the world's fastest-growing economy and emphasized the country's increasingly prominent role on the global stage. He also highlighted cooperation between the two nations in space technology and noted that Indian investment in Sweden continues to grow. According to Dousa, a comprehensive trade agreement would not only increase ease of doing business but also create opportunities for building more robust supply chains between the regions. The proposed FTA represents a significant opportunity for both India and the EU to reduce regulatory barriers that currently impede trade flows, while strengthening economic ties that could benefit both regions' long-term growth prospects. Speaking on behalf of Swedish industry, Jacob Wallenberg, Chairman of the Confederation of Swedish Enterprise, issued a clear call to action: 'Swedish industry captains call for urgent India-EU FTA [and] urge political leaders of India and EU to conclude FTA at the earliest.' (ANI)
India Gazette
10-06-2025
- Business
- India Gazette
India-EU free trade agreement
Bern [Switzerland], June 10 (ANI): Union Minister of Commerce and Industry Piyush Goyal expressed optimism about the India-European Union Free Trade Agreement (FTA) and said the deal may be concluded soon. Addressing a press conference over India-EU FTA negotiations soon after the event of Swissmem Industry Day in Switzerland, Union Minister Goyal said, 'There's a saying which goes so near and yet so far. So I would believe that in the case of the European Union, we are really very near.' Goyal further added that there are only a few issues remaining between the two sides. 'There are just a few issues remaining to be sorted out,' he said, adding that 'we have both agreed to respect each other's sensitivities so that we don't let the irritants, which have in the past held back agreements between two friendly sets of nations or democratic countries.' Goyal highlighted India's successful trade agreements with the European Free Trade Association (EFTA), the United Kingdom, Australia, and the United Arab Emirates as examples of a mutually beneficial, fair and balanced approach. 'In the same spirit in which we finalised EFTA, in the same spirit in which we finalised NFT with the UK or Australia or the United Arab Emirates, in that spirit of mutually beneficial, fair and balanced agreement, which will support the economies of the 27 Nation, EU block and India, keeping in mind the different levels of development that are currently on the table, but respecting that the greatest growth opportunity in the years to come lies in India,' said Goyal. Goyal further added that the agreement between the two sides would take into account the different development stages of India and the EU and unlock immense growth opportunities. 'The greatest growth opportunity in the years to come lies in India. As we grow from a USD 4 trillion to a USD 30-35 trillion economy, this partnership will be transformative,' he said. 'I think we are very close to finalising a very good, robust free trade agreement with the EU faster than most people would imagine,' he added. India and the EU bloc in May reaffirmed their intention to conclude free trade agreement negotiations by the end of 2025. During the talks, India has emphasised that meaningful progress in trade negotiations requires equal focus on non-tariff barriers (NTBs) alongside tariff discussions and regulatory frameworks must be inclusive, proportionate, and avoid restricting trade. (ANI)
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Business Standard
10-06-2025
- Business
- Business Standard
India for balanced and ambitious FTA with EU, says EAM S Jaishankar
External Affairs Minister S Jaishankar on Tuesday said India supports the goal of concluding an "ambitious and balanced" India-European Union Free Trade Agreement (FTA) by the end of this year. He also said the India-Pakistan conflict should not be seen from the prism of one between two nation states but as one between 'India and Terroristan'. Currently on a visit to Belgium and Luxembourg, Jaishankar addressed a joint press briefing in Brussels with High Representative of the EU Kaja Kallas. He said that stabilising and de-risking the world economy is a strategic priority for India, which includes building more resilient, and reliable supply chains, building trust and transparency in digital interactions. The external affairs minister said creating stronger technological and economic partnerships between major players has acquired even greater value. 'It is with that perspective that we support the goal of concluding an ambitious and balanced India-EU FTA by the end of the year,' Jaishankar said. He also called for an early meeting of the India-EU Trade and Technology Council. To a question on the recent India-Pakistan conflict, the external affairs minister said the conflict is not between two states per se, 'but actually a response to the threat and to the practise of terrorism'. 'I would urge you to not think of it as India-Pakistan (conflict), but think of it as India-Terroristan.' Jaishankar said that there must be zero tolerance to terrorism in all its forms, and in that context it is also essential that we never yield to nuclear blackmail. He said it is imperative that there is strong international cooperation and understanding on the matter. Jaishankar also met European Commission President Ursula von der Leyen in Brussels and praised her 'strong condemnation' of the Pahalgam attack and solidarity in combating terrorism. During the meeting, Jaishankar and von der Leyen discussed efforts to deepen the India-EU partnership. '(We) Agreed on the potential benefits of stronger cooperation in trade, technology, connectivity and security for both our regions,' Jaishankar posted on X. In her post on X, Von der Leyen said, 'The EU-India strategic partnership is getting stronger.' 'We're working on a Strategic Agenda based on growth with an ambitious FTA, tech & innovation and security & defence. I look forward to adopting it with (Prime Minister) Narendra Modi at our next Summit.' In June 2022, India and the 27-nation bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on Geographical Indications after a gap of over eight years. The negotiations stalled in 2013 due to differences over the level of opening up of the markets. On February 28, the Indian Prime Minister and European Commission chief agreed to seal the much-awaited free trade deal by the end of this year. Jaishankar also called on Belgium Prime Minister Bart De Wever and King Philippe of Belgium. In another post on X, the external affairs minister said it was 'good to meet' David McAllister, Chair of the Foreign Affairs Committee of the European Parliament, Sandro Gozi, Chair of the Delegation to EU-UK Parliamentary Assembly, and Greek parliamentarian Nikos Papandreou. During his week-long tour of Europe, Jaishankar will also hold talks with leaders of the European Union and France to boost bilateral ties and reaffirm India's policy of zero-tolerance against terrorism. In an interview to Politico on Monday, Jaishankar said that India's fighter aircraft and missiles had inflicted far more extensive damage on the Pakistani Air Force than vice versa, forcing Pakistan to sue for peace. 'As far I'm concerned, how effective the Rafale was or frankly, how effective other systems were -- to me the proof of the pudding are the destroyed and disabled airfields on the Pakistani side,' he said. 'The fighting stopped on the 10th for one reason and one reason only, which was that on the 10th morning, we hit these eight Pakistani, the main eight Pakistani airfields and disabled them,' he said, adding that images are available in Google showing runways and those hangars which have taken the hit.
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Business Standard
10-06-2025
- Business
- Business Standard
India supports balanced and ambitious EU FTA, says EAM Jaishankar
External Affairs Minister S Jaishankar on Tuesday said India supports the goal of concluding an "ambitious and balanced" India-European Union Free Trade Agreement (FTA) by the end of this year. He also said the India-Pakistan conflict should not be seen from the prism of one between two nation states but as one between 'India and Terroristan'. Currently on a visit to Belgium and Luxembourg, Jaishankar addressed a joint press briefing in Brussels with High Representative of the EU Kaja Kallas. He said that stabilising and de-risking the world economy is a strategic priority for India, which includes building more resilient, and reliable supply chains, building trust and transparency in digital interactions. The external affairs minister said creating stronger technological and economic partnerships between major players has acquired even greater value. 'It is with that perspective that we support the goal of concluding an ambitious and balanced India-EU FTA by the end of the year,' Jaishankar said. He also called for an early meeting of the India-EU Trade and Technology Council. To a question on the recent India-Pakistan conflict, the external affairs minister said the conflict is not between two states per se, 'but actually a response to the threat and to the practise of terrorism'. 'I would urge you to not think of it as India-Pakistan (conflict), but think of it as India-Terroristan.' Jaishankar said that there must be zero tolerance to terrorism in all its forms, and in that context it is also essential that we never yield to nuclear blackmail. He said it is imperative that there is strong international cooperation and understanding on the matter. Jaishankar also met European Commission President Ursula von der Leyen in Brussels and praised her 'strong condemnation' of the Pahalgam attack and solidarity in combating terrorism. During the meeting, Jaishankar and von der Leyen discussed efforts to deepen the India-EU partnership. '(We) Agreed on the potential benefits of stronger cooperation in trade, technology, connectivity and security for both our regions,' Jaishankar posted on X. In her post on X, Von der Leyen said, 'The EU-India strategic partnership is getting stronger.' 'We're working on a Strategic Agenda based on growth with an ambitious FTA, tech & innovation and security & defence. I look forward to adopting it with (Prime Minister) Narendra Modi at our next Summit.' In June 2022, India and the 27-nation bloc resumed negotiations for a comprehensive FTA, an investment protection agreement and a pact on Geographical Indications after a gap of over eight years. The negotiations stalled in 2013 due to differences over the level of opening up of the markets. On February 28, the Indian Prime Minister and European Commission chief agreed to seal the much-awaited free trade deal by the end of this year. Jaishankar also called on Belgium Prime Minister Bart De Wever and King Philippe of Belgium. In another post on X, the external affairs minister said it was 'good to meet' David McAllister, Chair of the Foreign Affairs Committee of the European Parliament, Sandro Gozi, Chair of the Delegation to EU-UK Parliamentary Assembly, and Greek parliamentarian Nikos Papandreou. During his week-long tour of Europe, Jaishankar will also hold talks with leaders of the European Union and France to boost bilateral ties and reaffirm India's policy of zero-tolerance against terrorism. In an interview to Politico on Monday, Jaishankar said that India's fighter aircraft and missiles had inflicted far more extensive damage on the Pakistani Air Force than vice versa, forcing Pakistan to sue for peace. 'As far I'm concerned, how effective the Rafale was or frankly, how effective other systems were -- to me the proof of the pudding are the destroyed and disabled airfields on the Pakistani side,' he said. 'The fighting stopped on the 10th for one reason and one reason only, which was that on the 10th morning, we hit these eight Pakistani, the main eight Pakistani airfields and disabled them,' he said, adding that images are available in Google showing runways and those hangars which have taken the hit.
